The daily trading volume on the DEX in Robinhood Chain on July 8 rose to $563.9 million. For a network that has only been operating for a week, this is a new high. The main interest, however, was not in the tokenized assets that Robinhood initially focused on, but in memecoins.
Network activity also surged sharply. On the same day, the number of active addresses reached 193,187. Most of the attention was drawn by Cash Cat (CASHCAT) — a token whose name is linked to the early history of Robinhood.
Robinhood Chain Quickly Becomes a Platform for Memecoins
Robinhood launched the public mainnet of Robinhood Chain on July 1. This is a Layer 2 network based on Arbitrum, which the company presented as infrastructure for real-world assets and their tokenization.
See Also: Swift Launches Blockchain Registry. 17 Banks Testing Tokenized Deposits
But users quickly found another use for it. Instead of a calm RWA market, the network was swept by a wave of memecoins. According to Dune, in the past 24 hours, 16,639 new tokens appeared on Robinhood Chain. Some of them have already surpassed a market cap of $1 million.
Trading volume on Robinhood Chain DEX. Source: Dune
Against this backdrop, Cash Cat stood out in particular. The memecoin references one of the early name options for Robinhood.
Company co-founder Vlad Tenev previously said that the project could have been called CashCat at launch. Later, that name was dropped in favor of Robinhood.
It is important to note that Cash Cat is not an official Robinhood token. It is also not directly connected to Vlad Tenev.
Tenev Post Helps Cash Cat Take the Lead
Interest in Cash Cat increased after a post by Vlad Tenev on X. He wrote that Robinhood Chain is being created as the best network for RWA, but is also well suited for memecoins.
The market quickly picked up on this phrase. On July 8, Cash Cat hit a new all-time high and rose to $0.147, according to CoinGecko.
See Also: Ethereum Forms Rare ‘Death Cross.’ Bitcoin Stuck at $62,000
The token also became one of the main sources of trading activity on Robinhood Chain. According to Dune, in one day, trading volume for Cash Cat was about $98 million. 8,720 unique traders participated — more than any other token in the network.
Amid the frenzy, other memecoins referencing Robinhood also made it to the top. Among them are Dog In Hood and The Robinhood, which also became some of the most actively traded assets.
Cash Cat price performance. Source: CoinMarketCap
However, the first wave of hype has already begun to fade. On July 9, Cash Cat was trading around $0.105, down about 17% in 24 hours.
Now the main question is whether this was just a short-lived memecoin boom on the new network or if Cash Cat can keep traders interested for longer. For now, Robinhood Chain has gotten exactly what often sparks activity in new ecosystems: fast tokens, speculation, and a crowd of retail players.
